SDI Appoints Bryan Ganz to the Board of Directors and Provides Corporate Update
FITCHBURG, Mass.--(BUSINESS WIRE)-- (TSX-V: SDZ) (OTCBB: SDEV)
Security Devices International Inc. (“SDI” or “The Company”) is pleased to announce the appointment of Bryan Ganz to the board of directors, and provides a corporate update.
Mr. Ganz brings more than 30 years of global business experience in sales management, manufacturing, new product design and development, as well as mergers & acquisitions. Mr. Ganz will assist SDI with sales & marketing, expansion of the Company’s product range, review of operations, implementation of cost control measures, development of strategic alliances and financial oversight. During his career Mr. Ganz has bought, built and sold more than half a dozen global businesses with combined sales in excess of $1.0 billion. Most recently, Mr. Ganz sold Maine Industrial Tire LLC to Trelleborg (based out of Sweden) for $67 million generating a 7.0x return to investors over a three-year period.
Mr. Ganz is a graduate of Columbia Law School in New York City and completed his accounting designation at Georgetown University in Washington DC.
With the appointment of Mr. Ganz to the board of directors, the previously announced resignation of Greg Sullivan as a director becomes effective.
Sales Focus
SDI continues to garner new law enforcement and correctional services customer agencies throughout North America. Agencies that purchase from the Company now total 57 in these two sectors.
On July 5th, the Company began a sales blitz of its top selling products to gain additional market-share in its targeted sectors. Reduced manufacturing costs have permitted SDI to offer its customers and targeted agencies very attractive pricing of its rounds.
Distribution Partner
SDI has signed a distribution agreement with Mission Less-Lethal for international sales of its BIP line of products. Mission has extensive relationships throughout South America and the Caribbean region, as well as associations in the Far East. As a world leader in their style of launcher and ammunition, Mission has been selling into thousands of agencies (Federal, State, Local, and International Police, Military, and Private Security agencies) for over 15 years.
Operations
The Company has substantially reduced its production costs of its most popular products during the last quarter. These cost reductions will support SDI’s sales blitz effort to continue to gain market penetration in the law enforcement, correctional services, and private sector segments.
Website Update
SDI has updated its website to continue to manage its digital presence, as well as maintain its top positioning in search engines for the less-lethal industry. The Company has also revised it messaging to respond to recent global law enforcement confrontations, such as incidents in the US, South America and in Europe.
Corporate
As press released on June 20, 2016, and effective as of July 18th, 2016, the Company installed new leadership from Dean Thrasher, the interim Chief Executive Officer. Mr. Thrasher brings 31 years start-up business management skills, mergers & acquisitions, product launches, product development, and funding experience in the technology, wholesale, manufacturing, distribution, retail and franchise sectors, as well as extensive international business and public market experience. Mr. Thrasher has run and managed several private companies as well as a TSX-Venture listed public company, and chaired and sat on numerous private and public company boards.
Forward Looking Statement
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements including information with respect to the offering. Because of certain risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although SDI believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, SDI disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160721005808/en/
SDI
Allen Ezer, 416-453-7798
Exec. VP
www.securitydii.com
Source: Security Devices International Inc.
Released July 21, 2016
